Improving AML/TF detection, supervision and EU coordination
Day 1 Afternoon
Wednesday 11 September
Fennia II - Roundtable
Objectives of the session
The session aims at outlining what would be required to set EU AML arrangements at the appropriate level of effectiveness and reliability.
Among the issues that will be addressed is the mandate and organisation that a possible “single agency” would take on the AML enforcement task and the appropriate form of cooperation with national competent authorities.
Another objective is also to list of the constituents of AML domestic regulations that should be definitively harmonised.
Finally, one key challenge to be discussed is how to achieve a framework which combines cost-effective controls and almost zero AML failure outcomes within EU financial institutions.
Points of discussion
What are the issues to be addressed in the EU, to make notable progress in the field of AML?
What are the key features of an effective regulatory and supervisory framework? How should the sanction regime be designed in the field of AML?
How to face up the so-called tail risk? How to combine a cost-effective framework and the need to set up almost zero failure AML processes given notably the overwhelming reputational consequences faced both by the member states? What should be the role played by AI and bigdata in the framework? How to embark financial sector employees in this contribution to public good?
What would be the shape (i.e. mandate, powers, resources, regulatory framework…) of an effective EU Single AML Agency? What are the weaknesses of a cooperation-based EU framework?
What should be the priority policy actions for the renewed EU institutions regarding AML?